BMIC Mortgage Blog

Market Highlights - Tuesday October 22, 2013

October 22nd, 2013 11:56 AM by Gary Schiller

This is what we wrote yesterday regarding the September jobs report….

“We know on Tuesday, October 22 we will get the September jobs report, and on Friday, November 8 we will receive the October jobs report. Although the September number is dated, the market is expecting to see 180,000 new jobs created, and the unemployment rate to remain at 7.3%.”

The jobs report for September 2013 came in at 148,000 new jobs created. This weaker than expected jobs report leads traders to believe that the Federal Reserve will not curtail its’ $85 billion per month bond purchase program thru 2013. This news caused a rally for both stocks and bonds, and has caused the mortgage interest rate to improve.